No Newsflash Here, The Rich Love Their Toys
What do the rich spend their money on? The 2007 World Wealth Report reveals that what the world's rich spend their money on. The assets of high net worth individuals rose by 11.4 percent, showing the first double-digit growth in seven years. The report counted people with liquid assets of over $1 million (around 9.5 million people) and found that 1.8 percent of their portfolios, a whopping $670 billion total was spent on "investments of passion." About 26 percent of this money went to luxury cars, yachts and private jets. In Europe, one quarter went to art. Jewelry earned about 18 percents of the investments of passion with another 14 percent going to collectibles such as wine, antiques and coins. Another six percent included investments in sports including buying teams, race horses and sailboats. Not any big surprises here, the rich enjoy their toys but also see investing in things they are passionate about as having value in the future.
Reader Comments (Page 1 of 1)
ruby Jun 30th 2007 8:00AM
Somewhat relevant to this entry: did you see Luxist on TV? Stephen Colbert has added a "Platinum Colbert" segment to "The Colbert Report," and this past week (maybe Tuesday?) he displayed a printout of your entry about the Montblanc/Van Cleef & Arpels jewel-encrusted pen. Then he announced he had purchased the pen, opened his jacket to retrieve it, and discovered it had leaked all over his shirt. So he threw it away in disgust. Congrats on the teevee exposure, and apologies if I am the 500th+ person to tell you about it.
ruby Jun 30th 2007 3:52PM
Matt, I don't know whether you're Captain Obvious or a master of the razor-sharp deadpan. Either way, you are no mere mortal and I am backing away from you slowly.
JW-C Jul 2nd 2007 6:24AM
HAHA. WOW Ruby, you're an absolute bitch.... and not the good kind love.
Matt Feb 16th 2008 12:35AM
Ruby: I don't mean to criticize, but did you consider that Steven Colbert is a current issues comedic satirist, and very funny man? My guess is that the old "ink in the shirt pocket" trick can be attributed to his sarcastic humor. He certainly has done crazier things for a laugh.